The global crypto derivatives market experienced significant growth in 2025, hitting an impressive trading volume of $85.7 trillion, with an average daily turnover of approximately $264.5 billion. Centralized exchanges (CEXs) dominated this sector, reflecting a notable concentration of trading activities among a few key players.
According to CoinGlass” 2025 Crypto Derivatives Market Annual Report, the structure of the derivatives market has evolved into a highly stratified oligopolistic landscape. The peak trading activity occurred on October 10, when daily trading volumes spiked to nearly $748 billion, showcasing a robust risk appetite among traders.
Binance emerged as the leading exchange, commanding over 29% of the global derivatives volume, which translates to about $25.09 trillion for the year. Following Binance, OKX, Bybit, and Bitget collectively accounted for more than 62% of the total trading volume, further highlighting the market”s concentration within these top platforms.
Beyond the leading exchanges, the market saw a significant drop-off in activity among long-tail exchanges, which struggled with lower liquidity and marginal shares. Open Interest (OI) experienced extreme fluctuations throughout the year. After a substantial deleveraging period in Q1 that saw OI fall to $87 billion, leverage was quickly rebuilt, peaking at a record $235.9 billion in early October before a sharp decline of $70 billion in Q4.
Despite these volatility challenges, year-end OI rose by 17% compared to the start of the year. Binance again led in leverage concentration, possessing about 28% of the daily average OI, while the top five exchanges collectively managed over 80% of the market.
Liquidity metrics further demonstrated Binance”s dominance; its BTC order book depth significantly outstripped that of its competitors, with OKX following as a distant second, particularly for larger trades. The custody of user assets was also heavily skewed, with Binance holding over 72% of custodial assets, reflecting an HHI score of 5,352, indicating an extreme level of market concentration.
Liquidations across the market reached nearly $150 billion in 2025, primarily due to routine trading activities. However, a spike in systemic stress occurred during the October 10-11 period, when liquidations exceeded $19 billion in a single day, triggered by a macroeconomic shock linked to new tariffs imposed by the U.S. on China. This environment of high leverage and crowded long positions intensified volatility, particularly within altcoin markets.
While major cryptocurrencies like Bitcoin and Ethereum experienced moderate drawdowns, many smaller assets faced severe collapses during this tumultuous period.
